Jacobin Radio
Confronting Capitalism: Can Trump Bring Back Manufacturing?
Mar 12, 2025
The discussion tackles the complexities of state-led industrial policy and its role in reshoring American manufacturing. It contrasts Trump's tariff strategies with Biden's efforts to boost high-tech industries. Historical successes in industrial policies from countries like Japan and France are highlighted, along with the political obstacles of implementing such strategies. The podcast also critiques the CHIPS Act and its bureaucratic hurdles. Ultimately, it calls for empowering workers and forging a left-wing movement for transformative economic policies.
46:19
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Quick takeaways
- Trump’s approach to manufacturing emphasizes tariffs over subsidies, highlighting a debate on state-led industrial policy effectiveness in the U.S.
- Successful industrial policies, like those in Japan and France, require strong state capacity and political backing, crucial for overcoming U.S. bureaucratic challenges.
Deep dives
Understanding Industrial Policy
Industrial policy represents a specific form of state intervention aimed at influencing economic sectors more directly than typical macroeconomic management practices. It differs from general management of interest rates or money supply, as it targets specific industries or firms, such as the auto or steel sectors. This type of policy has not been a common feature in advanced economies, especially in the United States, which has not applied explicit sectoral guidance in manufacturing for decades. Instead, emerging economies have utilized industrial policies, which raises questions about the effectiveness and political feasibility of adopting similar approaches in more developed regions like the U.S.
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